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In Australia and New Zealand, superannuation funds are designed to provide financial support for individuals during their retirement years. However, in certain circumstances, individuals may be eligible to access their superannuation early to cover medical expenses, including mental health treatment. This process involves meeting specific criteria and obtaining approval from the Australian Taxation Office (ATO).
For individuals struggling with mental health issues who require immediate treatment but lack the necessary funds, accessing superannuation early can be an instrumental option to remove access barriers to high quality treatment.
To qualify for early release of superannuation on compassionate grounds, individuals must provide medical evidence confirming that the treatment they require is not readily available through the public healthcare system. This evidence needs to be provided by registered medical practitioners who specialise in mental health care. Additionally, applicants must demonstrate that the treatment is necessary to improve their condition and quality of life.
Here at The Beekeeper House we accept and help you go through the complex process of applying for early release of your superannuation for your mental health and/or addiction issues. We understand the tremendous strain and added pressure that accessing your super can bring about whilst facing mental health and/or addiction challenges.
We have long-standing partnerships with experienced professionals who understand the requirements set by the Australian Taxation Office who will be there to guide you through each step of the application process. They are able to assist in providing you with relevant and current information on your eligibility to release superannuation savings under the compassionate release of super program. This also includes providing you with the necessary medical reports outlining the nature of your mental health issues, recommended treatment plan, and expected outcomes, as well as helping you book an appointment with a psychiatrist for evaluation and approval.
If you are considering moving forward with accessing your superannuation for mental health or addiction treatment with us, reach out to our friendly and knowledgeable admissions team who can help you determine the best course of action for your needs and get you in touch with our partners to facilitate releasing your superannuation.
Accessing your super early will reduce your superannuation balance. If you are considering accessing your superannuation early, you need to make sure you have exhausted all other potential avenues of financial support first, such as charities or other organisations that may be able to help.
For access under compassionate grounds, the released funds are taxed as a superannuation lump sum which is a rate of between 17% to 22% for individuals under 60 years of age.
Additionally, not all superannuation funds allow early access to your super. Switching funds may be a way to get early access, but carefully consider other impacts (like losing your insurance cover, especially for pre-existing conditions or even undiagnosed symptoms) before switching to another fund.
Think through the consequences and the pros and the cons of releasing your super early. Consider talking to a free financial counsellor or reach out to our admissions team who can put you in touch with our trusted partner in Australia.
To find a financial counsellor anywhere in Australia, visit the National Debt Helpline’s ‘Find a Financial Counsellor’ Tool or call the National Debt Helpline on 1800 007 007.
At The Beekeeper House, we’re committed to making quality treatment accessible to everyone who needs it. That’s why we’ve partnered with Release My Super, an Australian company dedicated to helping you access your superannuation to fund your treatment. This partnership ensures that financial barriers don’t stand in the way of your recovery. For more information on using your superannuation to fund rehabilitation at The Beekeeper House, please contact our admissions team or visit Release My Super’s website.
We accept referrals from GP's, psychiatrists, psychologists, counsellors, case managers, and other health professionals. To refer your clients or patients, please get in touch by sending us an email, giving us a call or filling out our online contact form.
When you come to The Beekeeper House, you are not just getting treatment for your addiction or mental health issue - you are also embarking on a journey of self-discovery and personal growth.
The Beekeeper House directs its efforts towards the treatment of comprehensive care and the co-existence of addiction and mental health issues. They will provide your loved ones opportunities to heal and grow.
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